Beneficial Ownership

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This means that any time an account is opened or maintained for a legal entity, we will request this information. The required identifying information includes the individual’s name, address, date of birth, Social Security number, and a government issued ID or other information that will help identify those individuals. This information will need to be collected whether or not the person identified is an Itasca Bank & Trust Co. customer.

This information will also be collected for existing legal entity customers who establish new accounts or make changes to existing accounts after May 2018.

We understand the information requested is personal and sensitive; however, we need to obtain this information in order to comply with the law. We will treat all information collected with the utmost care. All information will be stored securely and handled with the same standard of privacy that we have always maintained according to our Information Security Program.

We appreciate your business and are committed to working together to shape your future.

For questions on beneficial ownership, please contact your Loan Officer or a Relationship Banker at 630-773-0350.

Beneficial Ownership FAQ

What is the beneficial ownership regulation and why does it matter?

The beneficial ownership regulation is a federal law requiring all financial institutions to identify and verify the identity of the beneficial owners of legal entity customers as well as a controlling person of the legal entity anytime an account is opened or maintained.

What does the term “legal entity” mean? What type of businesses will be required to provide ownership information?

The term “legal entity” includes business customers such as corporations and partnerships, but does not include the following:

Natural persons
Sole Proprietorships
Unincorporated Associations
Trusts – Other than Statutory Trusts created by state office filing

Charities and non-profit organizations will only be required to provide information on one control person.

Why has Itasca Bank & Trust Co. been asked to collect this information?

As of May 2018, Itasca Bank & Trust Co., as well as all other financial institutions in the U.S., have been required to collect beneficial ownership information. The U.S. government implemented the new beneficial ownership regulation to help fight financial crimes.

Is Itasca Bank & Trust Co. the only bank that is required to collect beneficial ownership information?

No. All financial institutions are required to comply with the new beneficial ownership regulation and will be collecting this beneficial ownership information from applicable customers.

What constitutes beneficial ownership?

The U.S. government regulation defines “beneficial ownership” as being made up of two roles: (1) those that have an ownership interest in a legal entity and (2) those that control a legal entity. For those people who have an ownership interest in the legal entity, Itasca Bank & Trust Co. is required to identify and collect personal information on anyone that meets or exceeds the following ownership thresholds:

Beneficial Owners:

A natural person having 25 percent or more of the equity interests of a legal entity.

Control Person:

A person with significant managerial control or influence over a legal entity customer (e.g., Chief Executive Officer, Chief Financial Officer, Managing Member, General Partner, etc.)

For every legal entity customer subject to beneficial ownership, you must identify one control person.

NOTE: It is possible that the control person may also be a beneficial owner.

How will the change impact my existing accounts?

The change will not impact your existing accounts.

What if the people who have been identified as beneficial owners or control persons are not customer of Itasca Bank & Trust Co.? Do I still need to provide their personal information to Itasca Bank & Trust Co.?

Yes. Regardless of customer status, information about the beneficial owners and control person must be provided in order to comply with the regulation.

Will the information I provide for beneficial ownership be used for marketing to prospects that do not already have a relationship with Itasca Bank & Trust Co.?

No. This information will not be used for marketing or prospecting purposes. It is required to comply with federal law.

I also have personal accounts with Itasca Bank & Trust Co. Will Itasca Bank & Trust Co. also collect beneficial ownership information for my personal accounts?

No. The current regulation applies to legal entity accounts only.

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Itasca Bank & Trust Co.

Itasca Bank & Trust Co., an independent, locally-owned bank, offers a broad spectrum of deposit accounts, savings products, and loans that are sure to suit your individual and business needs.

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